Sanichi: Protev has started due diligence

KUALA LUMPUR: Projektarbelt Technische Beratung Venretung International (Protev) has started its due diligence of SANICHI TECHNOLOGY [] BHD [].

Sanichi said on Thursday, Aug 4 the due diligence is scheduled to be held between August and September. Market talk was that Protev could be keen to take a major stake in the ACE Market-listed company.

It had on June 8 said it had signed a memorandum of understanding with Protev.

This is the latest corporate development after The Edge FinancialDaily reported on Thursday that Datuk Md Wira Dani Abdul Daim, son of former finance minister Tun Daim Zainuddin, had surfaced as a new substantial shareholder of Sanichi Technology Bhd.

Md Wira, 33, bought 10 million shares or 6.12% of the loss-making precision moulds and tools maker on Wednesday, according to the filing with Bursa Malaysia.

A total of 10 million shares crossed for RM6 million or six sen per share in a direct off-market deal on Wednesday. The transacted price was about 20% below the market price 7.5 sen the stock was fetching on the open market at the time shares were crossed.